Over Niagara Falls in a barrel

Thursday, March 28th, 2013Issue 13, Volume 17.

When preparing your 1040 F tax return, have you noticed that the politicians have slipped in that the medical deduction must now exceed 10 percent of the adjusted gross income rather than the previous 7 1/2 percent for the past many years?

If you blink, they have their hand in your pocket again â€“ sort of like going over Niagara Falls in a barrel isn’t it?

Thanks to the Fallbrook Tea Party for pointing this out.

Jack Nix

1 comments

Reality MongerComment #1 | Saturday, Mar 30, 2013 at 1:33 pm

Actually that provision will start with the 2013 filing year. The 7.5% will remain in effect for people over the age of 65 for the 2013 year but will adjust to the 10% for 2014. I don't like it as I usually have enough medical expenses to get over that threshold but may not in the future. I am also a tax professional and I can see where it will cause a lot of harm for many people. The 7.5% hurdle was a hard one to hit for many people and now at 10% it will be even harder. This new threshold is part of the Affordable Healthcare Act (Obamacare). I can't say that people did not see this coming.

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